Money360 closes $6.75M commercial real estate loan

Commercial real estate peer-to-peer lender Money360 announced on Monday the successful closing of a $6.75 million commercial real estate loan in Chicago. The loan was funded by an institutional investor.

The borrower is an investment firm with offices in Brazil and the United States with a focus on operating data centers and IT services. They are using the capital from the two-year loan to finance the acquisition and capital improvement of a 209,557 square foot, Class A commercial office building they purchased from a NYSE-traded, multi-billion dollar energy company. The remainder will be earmarked as working capital.

The deal came with a loan-to-value rate of 57.7 percent. An unencumbered Manhattan townhome valued at $2.95 million was secured as additional collateral at closing.

Upon closing the new owners, secured a 10-year lease of two stories from a data management services group. That will support debt service by more than two times following a rent abatement.

A two-time LendIt Journalist of the Year nominee and winner in 2018, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.

"The evolution of the crowdfunding and peer-to-peer lending scenes is absolutely fascinating to chronicle. It is a joy to be around people with such passion and vision."